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TheSource said:

X360 has been pretty widely discounted if not officially seen a price cut in the US. You can still walk in to a lot of stores and get a big old giftcard for free for buying an X360 (this is true of PS3 / Wii as well) so a price cut probably won't do a whole lot. The most impactful pricecuts were in 2008-2009.

Generally speaking, American consumers will take a price cut over a giftcard or rebate.  You'll typically get a better response from buyers if you drop the price vs. offer a rebate or giftcard.